Buy Brigade Enterprises; target of Rs 213: HDFC Securities

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HDFC Securities' research report on Brigade Enterprises

BEL 4QFY20/FY20 was operationally strong quarter as it sold ~1/4.3mn sqft on back of robust demand in residential segment. FY20 realization remained flat whilst presales grew 45% YoY to Rs 23.7bn. BEL achieved lifetime high leasing of 2.45mn sqft during FY20 and hotel occupancies increased from 64% to 67% YoY. Despite midterm challenges in Hospitality/Retail business, BEL has strong liquidity and office rental collection remains strong. Chennai WTC is already leased out. BTG property leasing is expected to pick up over next 12m. Debt is nearing peak and large Capex is already incurred.

Outlook

We maintain BUY with TP of Rs 213/sh (vs. Rs 218/sh earlier).

For all recommendations report, click here

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